Ser Educacional (SEER3) reported net income of R$ 106.3 million in the second quarter of 2026 (2Q26), an increase of 30.7% compared to 2Q25, with a net margin of 17.1%. In the same period, net revenue reached R$ 622 million, growth of 5.6% versus R$ 589.2 million a year earlier.
EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 207.9 million in 2Q26, up 12.3% from 2Q25, with an EBITDA margin of 33.4%. Adjusted EBITDA, which includes interest on tuition fees, non-recurring events and minimum lease payments, came to R$ 180.7 million, an increase of 10.8%, with a margin of 29.1%.
The company recorded adjusted net income of R$ 115.4 million in 2Q26, 33.3% above the R$ 86.5 million in 2Q25, raising the adjusted net margin from 14.7% to 18.5%. Considering additional adjustments for IFRS 16 effects and acquisition goodwill, adjusted net income reached R$ 122.6 million, with a margin of 19.7%.
The total undergraduate student base reached 313.5 thousand students in 2026.1, down 5.5% from 331.9 thousand in 2025.1, while the on-campus undergraduate base grew 4.4%, from 186.8 thousand to 195.1 thousand students. The overall average ticket rose 11.4% year over year, going from R$ 534 to R$ 594.8 per month, and the average ticket for on-campus undergraduate programs increased 5.5% to R$ 881.9 per month.
Net debt ended 2Q26 at R$ 443 million, compared to R$ 647.1 million in 2Q25, a reduction of 31.5%. As a result, the net debt/adjusted EBITDA ratio for the last 12 months fell from 1.24x to 0.75x in the period.
